Saudi stocks lose momentum, Dubai hit by a plunge in the property stocks
On Sunday, the 10th of February, most of the gulf stocks fell, mostly led by the plunge of Saudi and Qatari shares, after investors had stepped off of the blue-chips buying positions following last week’s weakness and lingering uncertainty about global growth.
Despite a beginning in an upscale note led by the rallies of construction and cement stocks, the Saudi stock index fell following an announcement of royal decree to repay an increased amount of expatriate fees, hurting the labor-intensive sectors badly.
While the Saudi benchmark index closed the day 0.5 percent lower, the Al Rajhi Bank, alongside, Saudi basic industries were down by over 1 percent. One of the world’s best performing markets last year despite a looming global slowdown and US-China tariff war, the Qatar’s index fell by 0.6 percent, meanwhile the Abu Dhabi shares were drowned, hammered hard following the downsizing of Aldar properties, which posted an intra-day loss of 1.9 percent and the Abu Dhabi bank also sank 0.9 percent.
Citing statistics, the Saudi Arabia stock index had lost 0.5 percent, meanwhile the Dubai shredded off 0.5 percent of their earlier gains. Besides, the Egyptian index remained dithered and the Bahrain index was sagged by 0.6 percent.
Kuwait remained flatlined in the daily trading, meanwhile the Oman index posted a rise of 0.2 percent.